Ann: Business Update - Delivering Through Disciplined Execution, page-13

Don't be fooled by the spin. There is no transparency, just selective disclosure of data to support a turnaround narrative.

Look back at previous company announcements and you will see that occupancy and profitability improve throughout the year as enrolments grow. The trend in the June quarter was almost identical last year. The decline in occupancy compared to the previous year has remained constant at 4%. That's in line with the market, which is understandable, but don't tell shareholders that the improvement in the months of April and May is due to some miraculous turnaround.

If the board is committed to transparency, why didn't they provide earnings guidance for the half year when they are undoubtably in a position to do so? What are they trying to hide?

And what has the board done with the funds raised through the share placement, other than use them to protect their own interests against the AGM voting? How much has been spent on lodging the application to the Takeover Panel?